8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 8-KCURRENT REPORTPursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934Date of Report:January 28, 2010(Date of earliest event reported)IXYS CORPORATION(Exact name of registrant as specified in its charter)

Delaware	000-26124	77-0140882
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

1590 Buckeye Drive

Milpitas, California 95035

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code:   (408) 457-9000

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Conditions.

The following information is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On January 28, 2010, IXYS issued a press release.  The text of IXYS’s press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(c)	Exhibits
	The following exhibit is furnished (not filed) herewith:
	Exhibit Number	Description
	99.1	Text of press release issued by IXYS Corporation, dated January 28, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		IXYS CORPORATION
		By: /s/ Uzi Sasson
		Uzi Sasson, President and Chief
		Financial Officer (Principal Financial
		Officer)
Date:	January 28, 2010

EX-99.1

Exhibit 99.1

IXYS Announces Results for the Third Fiscal Quarter Ended December 31, 2009

MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)--January 28, 2010--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor company, today reported net revenues of $64.0 million for the third fiscal quarter ended December 31, 2009, as compared with net revenues of $58.3 million for the same period in the prior fiscal year. IXYS’ revenues in the December 2009 quarter increased by about 19.1% as compared to $53.7 million of the September 2009 quarter.

For the nine months ended December 31, 2009, IXYS reported net revenues of $166.7 million, as compared with net revenues of $215.3 million for the same period in the prior fiscal year.

“Revenue increases are attributed to broad demand across markets for our diversified products, as we saw consistency in industrial sales and an increase in consumer-related applications. Our IC products have gained market penetration with the expansion of our display driver ICs,” commented Dr. Nathan Zommer, CEO of IXYS Corporation. “With the recent launch of six new products, we enhanced IXYS’ wide ranging power product portfolio, and we will continue our focus on new products in the high performance power, RF and IC semiconductor space.”

Gross profit was $15.7 million, or 24.5% of net revenues, for the quarter ended December 31, 2009, as compared to gross profit of $12.7 million, or 21.7% of net revenues, for the same quarter in the prior fiscal year.

Gross profit for the nine months ended December 31, 2009 was $38.7 million, or 23.2% of net revenues, as compared to a gross profit of $61.2 million, or 28.4% of net revenues, for the same period in the prior fiscal year.

Net income for the quarter ended December 31, 2009 was $399,000 or $0.01 per diluted share, as compared to a net loss of $4.0 million, or $0.13 loss per share, for the same quarter in the prior fiscal year. Net loss for the nine months ended December 31, 2009 was $4.7 million, or $0.15 loss per share, as compared to net income of $7.6 million, or $0.23 per diluted share, for the same period in the prior fiscal year.

“We remain steadfast in our goals of delivering quality products, being fast to the market, nimble and maintaining low overhead. Excluding the effect of the $15 million bank borrowing, through our cash conservation efforts, our cash increased $4 million from September 30, 2009 to December 31, 2009,” stated Uzi Sasson, President & CFO of IXYS. “Our bookings improved by about $22 million from the September 2009 quarter to the December 2009 quarter, indicating better market conditions ahead of us. While pleased with these latest developments, we remain concerned about the macroeconomic conditions affecting the industry and, therefore, will not provide any guidance.”

About IXYS Corporation

Since its founding in Silicon Valley, IXYS Corporation has been developing technology-driven products to improve power conversion efficiency, generate clean energy, improve automation, and provide advanced products for the transportation, medical and telecommunication industries. IXYS is a worldwide pioneer in the development of power semiconductors and high voltage integrated circuits (HVIC) that are necessary in reducing the world’s dependence on fossil fuels.

Diminishing natural resources, demand for cheap energy and environmental directives for energy efficiency represent a significant challenge. IXYS’ power semiconductors and mixed-signal integrated circuits (IC) play a vital role in reducing energy costs and consumption by optimizing the energy efficiency of everyday products. With an end customer base of over 2,000 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide provider of semiconductors.

Additional information may be obtained by visiting IXYS’ website at http://www.ixys.com, or by contacting the company directly.

Safe Harbor Statement

The foregoing press release contains forward-looking statements, including those related to our focus on new products, bookings, market conditions and macroeconomic conditions affecting the industry. Actual results may vary materially from those contained in the forward-looking statements, due to changes in customer delivery schedules, the cancellation of orders, an unanticipated decline in our business, increased competition, cash flow difficulties, unanticipated technological hurdles, adverse changes in customer demand and increasing product costs, among other things. Further information on other factors that could affect IXYS is detailed and included in reports that IXYS has filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended September 30, 2009. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.

IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
	Dec. 31,		Mar. 31,
	2009		2009
ASSETS
Current assets:
Cash and cash equivalents	$	86,695	$	55,577
Accounts receivable, net		36,542		37,251
Other receivables		852		671
Inventories, net		65,378		75,601
Prepaid expenses and other current assets		3,939		3,323
Deferred income taxes		13,017		12,797
Total current assets		206,423		185,220
Plant and equipment, net		47,691		52,912
Other assets		9,602		6,728
Deferred income taxes		8,106		7,972
Total assets	$	271,822	$	252,832
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease obligations	$	3,450	$	3,739
Current portion of notes payable to bank		16,498		1,455
Accounts payable		16,688		13,767
Accrued expenses and other current liabilities		13,689		15,342
Total current liabilities		50,325		34,303
Capitalized lease and other long term obligations, net of current portion		24,455		26,862
Pension liabilities		14,360		13,175
Total liabilities		89,140		74,340
Common stock		367		361
Additional paid-in capital		135,352		132,177
Retained earnings		39,285		43,984
Accumulated other comprehensive income		7,678		1,970
Stockholders' equity		182,682		178,492
Total liabilities and stockholders' equity	$	271,822	$	252,832

IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
	Three Months Ended					Nine Months Ended
	Dec. 31					Dec. 31
	2009		2008			2009			2008
Net revenues	$	64,032	$	58,337		$	166,663		$	215,308
Cost of goods sold		48,321		45,683			128,000			154,095
Gross profit		15,711		12,654			38,663			61,213
Operating expenses:
Research, development and engineering		5,144		4,733			14,202			15,558
Selling, general and administrative		8,817		9,209			25,183			30,701
Impairment charges		-		3,749			-			3,749
Restructuring charges		32		-			1,042			-
Total operating expenses		13,993		17,691			40,427			50,008
Operating income (loss)		1,718		(5,037	)		(1,764	)		11,205
Other income (expense), net		373		(260	)		(2,588	)		1,255
Income (loss) before income tax provision		2,091		(5,297	)		(4,352	)		12,460
Provision for (benefit from) income tax		1,692		(1,315	)		347			4,899
Net income (loss)	$	399	$	(3,982	)	$	(4,699	)	$	7,561
Net income (loss) per share - basic	$	0.01	$	(0.13	)	$	(0.15	)	$	0.24
Weighted average shares used in per share calculation - basic		31,100		30,979			30,893			31,238
Net income (loss) per share - diluted	$	0.01	$	(0.13	)	$	(0.15	)	$	0.23
Weighted average shares used in per share calculation - diluted		31,269		30,979			30,893			32,236

CONTACT:
IXYS Corporation
Uzi Sasson, 408-457-9000
President & CFO